Daily Markup

Daily Markup #678: iMotorbike eyes US$20M revenue in 2023; raising Series A round to solve 4 major pain points for used motorbike buyers & sellers

February 9, 2023 · 2 min read
Credit: iMotorbike

Gearing up for 2023

  • 500-backed used motorcycle platform iMotorbike saw US$2.5M revenue in their first year of operations. By the end of this year, they’re eyeing an 8x growth to hit US$20M.
  • With motorcycles being ubiquitous in the region, it’s no wonder the team completed close to 2,000 transactions in Malaysia and Vietnam combined in 2022 — clocking a 20% increase in quarterly sales. According to Co-founder & CEO Gil Carmo, the company is gross profitable for every single motorcycle sold. 
  • iMotorbike, the region’s pioneering e-commerce platform for buying and selling motorbikes, shared it offers a fast, secure, and hassle-free online experience with 170 inspection checkpoints, a 100% money-back guarantee return policy, warranty, nationwide delivery and a bundle of finance, road tax and insurance.
  • Sellers can even receive cash on-the-spot upon inspection, which takes less than 30 minutes.
  • Their ultimate goal? To address four major pain points of buying and selling pre-loved motorbikes: reliability, transparency, market fragmentation, and time consumption. 
  • You’ll find them at 6 locations across Malaysia and Vietnam today. “In 2023, we aim to have 30 inspection centres spread out into more towns and cities across the country. This includes showrooms which will bring us closer to the consumer, helping them buy and sell their bikes to iMotorbike,” Gil shared.
  • He also revealed plans for a Series A round of US$3M to US$5M.
  • Learn more from Gil on TechNode Global.
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